If faced with the opportunity to spend an extra $3 to $5 million in their IT budget, new research from Novarica shows most insurance CIOs would spend the money on data and analytics, despite the already heavy investment in that area.

Mobile technology was also cited as an area in which CIOs are eager to invest, while many smaller insurers would use the substantial budget increase for full core systems replacements.

"The survey stemmed from one of our insurer advisory clients, who posed this question to us," says Novarica partner and managing director Matthew Josefowicz. "With the Novarica Insurance Technology Research Council at our disposal, we felt it would be enlightening throw the question open to the group."

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